Friday 18th September: Technical Outlook and Review
Europe’s single currency slipped through several key H4 technical supports Thursday, missing weekly support at 1.1733 by a hair before recoiling back to unchanged levels. H4, as of current price, trades north of 1.18, with technical eyes perhaps directed towards trend line resistance, extended from the high 1.2010.
Thursday 17th September: Technical Outlook and Review
GBP/USD finally mustered enough oomph to overthrow 1.29 on the H4, taking on resistance at 1.2944 (now serving support) and shaking hands with the key figure 1.30. UK CPI data exhibited an upbeat tone, though the obvious catalyst behind the pound’s recent strength was USD softness.
Wednesday 16th September: Technical Outlook and Review
As the DXY closes out Tuesday off worst levels (92.79), EUR/USD on the H4 spun lower from the 1.19 handle in reasonably strong fashion. Above 1.19, September’s opening value is seen at 1.1937; to the downside 1.18 invites an approach. Beyond 1.18, Quasimodo support at 1.1781 is visible, followed by August’s opening level at 1.1771.
Tuesday 15th September: Technical Outlook and Review
Pound sterling emerged strong Monday, aided by a bout of short-covering and USD downside. Leaving 1.27/1.2755 (yellow) unchallenged on the H4 (made up of 1.27, a 61.8% Fibonacci retracement ratio at 1.2718 [green], weekly support at 1.2739 and H4 support at 1.2755), fed by sell-stop liquidity under 1.28, GBP/USD bulls recently entered an offensive phase and shook hands with 1.29.
Monday 14th September: Weekly Technical Outlook and Review
Sterling wrapped up the week erasing nearly 500 pips, its largest one-week loss against the buck since March. Price squeezed out any remaining buyers from the 2020 yearly opening value at 1.3250 and concluded within touching distance of the 2019 yearly opening value at 1.2739, a level that merges closely with trend line resistance-turned support, extended from the high 1.5930.
Friday 11th September: Technical Outlook and Review
Plagued by heightened no-deal Brexit risk, GBP/USD is currently down by 3.5% this week and 1.5% Thursday. Selling from 1.30 is likely on the watchlist for many traders going forward. The fact we have H4 resistance at 1.3009 and daily resistance at 1.3017 located nearby offers healthy confluence to work with, targeting H4 support at 1.2939 as an initial take-profit zone.
Thursday 10th September: Technical Outlook and Review
Upbeat comments from ECB officials, together with the US dollar index receding from 93.66 session peaks, had EUR/USD switch into positive territory heading into Wednesday’s European close.
Wednesday 9th September: Technical Outlook and Review
Europe’s single currency eased further against the US dollar on Tuesday, clocking a session low at 1.1765. Technically, the weekly timeframe forecasts further downside could be in store to 1.1733, a previous Quasimodo support, following last week’s rejection off the 2018 yearly opening value at 1.2004.
Tuesday 8th September: Technical Outlook and Review
Pound sterling lost grip against the buck on Monday amid mounting concerns surrounding a no-deal Brexit. Following Friday’s impressive recovery off H4 trend line support, extended from the low 1.2257 (and 1.32 support), moves that scratched levels just ahead of 1.33, Monday reclaimed the aforementioned barriers and clocked a low at 1.3140.
